The Central Bank of Nigeria (CBN) has disclosed that banks operating in the country refunded about N7.05 billion and $714,569.03 to customers following its intervention.
This was contained in the monthly bulletin, CBN UPDATE September Special Edition published on its website.
In the edition, which shared the scorecard for the first anniversary of Olayemi Cardoso’s assumption of office as the governor of the Central Bank, the CBN stated that while carrying out their other duties, “Cardoso and his team have also focused on protecting customer rights.”
“In just one year, they have addressed 19,988 customer complaints within eight months. Of these, 15,306 complaints—representing 76.58 per cent—were successfully resolved.
“During this time, the bank facilitated refunds totalling approximately N7.05bn and $714,569.03 to customers in disputes with financial service providers, underscoring its commitment to fair treatment. The CBN has also rigorously enforced sanctions to ensure compliance, deter unethical behaviour, and enhance transparency within the financial sector.”
Commenting on the grey-listing of Nigeria by the Financial Action Task Force earlier in 2023, the CBN said that from October 2023 to September 2024, it had intensified its anti-money laundering efforts, combating the financing of terrorism and cybersecurity measures.
“It enhanced supervision and conducted spot checks on Nigerian banks and their foreign subsidiaries to expedite Nigeria’s removal from the Financial Action Task Force (FATF) Grey List. These efforts aim to create a more secure investment environment, attract foreign investment, and bolster Nigeria’s global financial reputation,” the CBN stated.